DeFiChain (DFI) is a blockchain platform dedicated to unlocking the full potential of decentralized finance (DeFi) within the Bitcoin (BTC) ecosystem. Supported by a distributed network of computers, the platform is designed to facilitate rapid and transparent transactions. The development team promotes DeFiChain as an innovative blockchain project, addressing challenges such as scalability, security, and decentralization. Launched in the fall of 2019, the project aims to offer financial services typically provided by commercial banks, such as borrowing, lending, investing, and fund management. A distinguishing factor is that DeFiChain operates as a decentralized platform, granting numerous advantages: the network remains beyond the control of authorities and entities, and anyone can participate in launching the network protocol. All actions contribute to the network, rewarding participants with DFI tokens. The DeFiChain platform provides fast, transparent, and decentralized financial services. Built on Bitcoin as a software fork, it is linked to the Bitcoin blockchain via a Merkle root every few blocks. DeFiChain transactions are non-Turing complete, resulting in fast and seamless operations with low gas costs and minimized risk of smart contract errors. DeFiChain’s initial products and functionalities encompass lending, token wrapping, pricing oracles, exchanges, asset tokenization, and dividend distribution, among others. Who Are the Founders of DeFiChain? The DeFiChain Foundation holds all trademarks and domains associated with DeFiChain (DFI). This organization is tasked with ecosystem development, establishing new partnerships, developing tools for partners, and managing DFI funds. The project was initiated by Dr. Julian Hosp and U-Zyn Chua. Hosp is a prominent figure in the crypto industry with a substantial following globally, and serves as co-founder and CEO of Cake DeFi. U-Zyn Chua, also the co-founder of Cake DeFi, is the chief technical officer (CTO) and researcher at DeFiChain. Additionally, Chua serves as the chief engineer at Zynesis and is a blockchain advisor to the Singapore government. What Makes DeFiChain Unique? Bitcoin (BTC) and Ethereum (ETH) are two leading blockchains that have inspired decentralized finance. Despite their innovations, they have limitations: Bitcoin is renowned for security but supports only basic BTC transactions, while Ethereum enables more complex applications but struggles with scalability. DeFiChain (DFI) addresses these challenges, offering solutions for scalability, security, and fair governance, including: * Developing a blockchain platform for DeFi applications based on Bitcoin to ensure high security. * Implementing a hybrid proof of stake (PoS) and proof of work (PoW) consensus mechanism for network operations. The benefits of DeFiChain include: * Providing a comprehensive suite of financial asset classes to users in a permissionless and borderless manner. * Supporting a diverse range of cryptoeconomic financial transactions. * Ensuring high throughput for all transactions. * Delivering high security through its hybrid consensus mechanism and non-Turing complete transactions. * Allowing developers to build DeFi apps on a single chain. * Offering a dependable and decentralized governance system. How Many DeFiChain (DFI) Coins Are There in Circulation? DeFiChain (DFI) serves as the native unit for the DeFiChain platform, used for transaction fees and governance, enabling token holders to vote on ecosystem improvements. Additionally, DFI can be used as collateral for borrowing other crypto assets. The total supply of DFI is capped at 1.2 billion coins. Of this, 49% was allocated to the DeFiChain Fund, while the remaining 51% has been gradually distributed to masternode holders. The project did not engage in ICO or initial exchange offering (IEO) events, and the DeFiChain team did not conduct any sales rounds. How Is the DeFiChain Network Secured? The non-Turing complete nature of the DeFiChain (DFI) smart contract programming language is considered safe. Furthermore, DeFiChain is linked to Bitcoin (BTC) for enhanced security, as it takes cryptographic snapshots of the network’s current state every few minutes and stores them on the Bitcoin blockchain, akin to a backup. In September 2020, DeFiChain smart contracts were audited by SlowMist, and in October by KnownSec, with no vulnerabilities found. The final layer of security is the hybrid PoW-PoS consensus mechanism, combining the strengths of both methods. Where Can You Buy DeFiChain (DFI)? DeFiChain (DFI) is available on major cryptocurrency platforms such as Bittrex. Additional platforms include KuCoin, Uniswap (V2), DeFiChain DEX, Hotbit, LATOKEN, Bitrue, and the mobile app from DFX.SWISS. Alternatively, DFI tokens can be acquired via Cake DeFi, although prices there may be slightly higher than on crypto exchanges. If you are new to cryptocurrency, explore educational resources available on the Eulerpool blog, and for understanding crypto terminology, refer to Eulerpool's glossary.